Rental company calls in administrators

Fri, 03 Aug 2018 | ADMINISTRATION

Extreme Powered Platforms, a UK-based rental company, has entered administration with the speculation that a stagnant rental marketing is the reason for its downfall.

The company was placed in administration just as Extreme Hire Ltd, a new company, came into operation. Extreme Powered Platforms has now been acquired by the new business and will continue trading under the Extreme Hire name after a company-wide restructuring.

Both Extreme Powered Platforms and Extreme Hire Ltd are owned by Stuart Bond.

Located in a facility in Hailsham, East Sussex, the original company was founded in 2004 and began operations in 2005 with the introduction of new electric slab scissor lifts. Presently, it caters to a wide variety of aerial work platforms and offers self-propelled scissor lifts, booms, large spider lifts, push around lifts as well as truck mounts.

A second depot was opened in January 2014 in Shepperton, Surrey, and expanded its fleet of booms in 2015 by adding the Hinowa 26.14 Lightlift and the Hinowa Lightlift 17.75 Lithium to its list of West London services.

In 2016, the company added JLG telehandlers to its range of products on offer whilst also opening a third facility in Coventry.

Vertikal, an online news platform for information surrounding the crane and lift industry, stated: “While business volumes have been relatively strong, rental rates have continued to stagnate or ever slip in some cases, making the business very challenging and leaving no margin for error, this is especially true for companies that are heavily indebted with balloon type financing deals.”

Extreme Powered Platforms’ accounts reported £2.8 million worth of assets, and a net worth of £543,000.

Richard Brian Keley from BM Advisory LLP has been appointed as administrator for Extreme Powered Platforms.

Click here to view the Extreme Powered Platforms Ltd administration listing.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Commercial Gas Contractor
South East, UK

A highly successful Commercial Gas Business based in the South East. Excellent opportunity for an existing Commercial Gas Contractor looking to add B2B clients or expand to South East region. Blue chip commercial gas contractor. Offers invited.

Asking Price: Offers Invited
Turnover: £1,600,000

Self Storage Business
North of England, UK Wide

Long established Independently owned Storage business located close to 2 motorway junctions. Close to principal Northern City Centre and in easy reach of central business area. Well laid out Complex with extensive on site parking. Offers invited.

Asking Price: £1,100,000
Turnover: £300,000

FREEHOLD


Independent Garage: MOT & Vehicle Services
UK Wide

Provides a comprehensive service offering for industrial,commercial and private clients across a diverse range of sectors.Its highly trained MOT Testers and Technicians ensure that clients receive thorough consultation and post-test advice Some staff...

Asking Price: Offers Invited
Turnover: £501,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Mar
 

Addison Lee acquired by consortium of investors | BUSINESS SALE

Addison Lee Group, London’s biggest private care hire ...

 
26
 
Mar
 

Leicestershire building products firm enters administration | ADMINISTRATION

Leicestershire-based System Building Products Limited has en...

 
25
 
Mar
 

Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE

Icelandic-owned UK women’s fashion retailers Oasis and...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources